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The Chip Board Archive 12

Re: Casino Winnings....Tax Question {NCR}

Generally in A/C They hand you the form with any winnings that are $1200 or more.
Maybe in LV their policy is to mail them to you.
If this is the case, you should have them by Feb. 2005 at the latest.
I forget what the exact date is that they must be sent out by.

You will only liable to pay tax on any winnings that exceed your losses.

Therefore if the amount was sizable I suggest that you ask for a win loss statement from any casino's you have played in.
Remember, gambling losses also cover Race Tracks, Lottery Tickets and the like so save everything.
While you are not obligated to include hard copies of this information with your taxes, I always do.
Less questions, less of a chance to be audited.

Messages In This Thread

Casino Winnings....Tax Question {NCR}
Re: Casino Winnings....Tax Question {NCR}
Re: Thanks Bob !!!
Re: Casino Winnings....Tax Question {NCR}
Re: Casino Winnings....Tax Question {NCR}
Re: Casino Winnings....Tax Question {NCR}
Re: Thanks Guys !!!
Re: Casino Winnings....Tax Question {NCR}
Re: Thanks Gene !!!

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